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posted by mrpg on Friday March 16 2018, @03:33AM   Printer-friendly
from the sad-to-hear-you-go dept.

Largest U.S. radio company iHeartMedia files for bankruptcy

IHeartMedia Inc filed for Chapter 11 bankruptcy on Thursday as the largest U.S. radio station owner reached an in-principle agreement with creditors to restructure its overwhelming debt load.

The company, which filed for bankruptcy along with some of its units, said it ā€¨reached the agreement with holders of more than $10 billion of its outstanding debt for a balance sheet restructuring, which would reduce its debt by more than $10 billion.

IHeartMedia, which has struggled with $20 billion of debt and falling revenue at its 858 radio stations, said cash on hand and cash generated from ongoing operations will be sufficient to fund the business during the bankruptcy process.

iHeartMedia.


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  • (Score: 1) by anubi on Friday March 16 2018, @12:09PM

    by anubi (2828) on Friday March 16 2018, @12:09PM (#653529) Journal

    Interesting. I remember that going around, and wondered why it was such a big deal.

    When our local DJ was telling us about it, it sure seemed like an overkill... you know, like going after waitresses for tips. According to our DJ, maybe it was in the ten dollar range, but in those days, that was a couple of dinners at McDonalds. They called it something like a "promotion fee", and usually the station, not the DJ, benefitted from it.

    Our DJ kept us all happy, and no-one ( in town, anyway ) was getting shafted, so at least I saw it more like having to claim coupon "savings" as income on tax returns. Like such a small amount its simply not worth the trouble to account for it. As far as how big our radio station was.. ( A whole kilowatt, no less ), no record label could pay anywhere near a "generous" payout to all those thousands of podunkville stations like ours and stay in business. A few "free" records for our DJ to give away went a long way. He was always having those "and the thirteenth caller to ring me up and tell me what's playing will get a free copy of it, mailed right to your door!".... but to this day, I still think being female and in high school had more leverage than numerical calling order. No way to verify. Big deal.

    Now, what I really hated was ClearChannel buying up all the stations, firing our DJ's, and replacing them with machines.

    Typical Tie-Thinking. Buy the Goose that lays the Golden Eggs, and butcher it.

    Now, why wont those bassterds go buy up sports teams and replace the players with automatons? Are sports fans any more holy than teenagers who really liked being able to call up their DJ, almost like he was a close friend? We all liked our DJ. The day they fired our DJ was the beginning of the demise of AM radio in a teenager's life. Music was only half of it. We liked our DJ, and they fired him. We wanted HIM to tell us about the special at the Piggly-Wiggly, not hear the same bland recording over and over and over.

    --
    "Prove all things; hold fast that which is good." [KJV: I Thessalonians 5:21]